Insights(9APR24):Bearish Bias,small gap up or at last close. RED

BANKNIFTY Bearish Bias, small gap up or at last close. Red day.

Open: small gap up or at yesterdays close. Bearish Bias. Should retest yesterdays low, if broken should go further low as highlighted. Should end in red.

Model Prediction: (Caution: Models hallucinate sometimes):

{
'Day': 'Tuesday',
'Date': '09-APR-2024',
'Gap': 'Up', 'GapChange': '10.0',
'Candle': 'Red',
'Open': 48581,
'High': 48581,
'Low': 47884.15,
'Close': 47947.05
}


(Inner voice): Hmm... back again without any data points. What's your analysis ?
(Me): Its just a probability... 1. Based on my historical data analysis I see a Bearishness today.
2. My RenkoIndicator shows a sell signal.

(Inner voice): Can't trust your RenkoIndicator, it repaints and sometimes the signal just vanishes into thin air. hahaha...What if it just turns out to be a huge gap up and very Bullish ?
(Me): Always look at the pre-market and take the final call. Also have strict SL.

(Inner voice):Hmm... lets say you are right this time... how do someone take an entry, exit and SL ?
(Me): What i do based on the pre market if it aligns with me I enter a buy with say 1 lot on open and may add additional lot if it tests and rejects previous close or open in this case. SL will be previous days High and take profit 1 will be next resistance point as highlighted and so on.

(Inner voice): What if SL is too huge... and it turns against you ?
(Me): It depends and adjust based on if probability is high and have a strong conviction.

(Inner voice): Hmm...How do I trust you ?
(Me): Don't trust anyone blindly...Do your own research before jumping in... You are responsible for your trades and loss or profit. This is only my journal I am maintaining for my studies, research and educational purpose.

Follow strict stop loss.
Do your own research before investing or trading in any stock or indices or crypto.
Disclaimer:
I am not SEBI registered. This is not a financial, investment or trade advice. You are responsible for your trades. Its only for educational purpose.

Kommentar:

I think model still needs a lot of fine tuning. So far its only able to predict the color of the candle correctly.